04 Oct What is Chapter 12 Bankruptcy?
Chapter 12 bankruptcy is a specialized type of bankruptcy for family farmers and family fishermen with regular annual income.
This type of bankruptcy allows family farmers and fishermen in financial distress to propose a plan to reorganize their operations and pay back some or all of their debts over time
Chapter 12 is tailored to meet the needs of family farming and fishing. Many of the barriers in other types of bankruptcies are removed in chapter 12. For example, chapter 12 is less complicated and less expensive than chapter 11 bankruptcy, which is designed for large, corporate entities. Chapter 13, designed for individual wage earners or small business proprietors, has debt limits or time frames not helpful for farm or fishery reorganizations.
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